Where did the money go ?
There are so many questions....and no one with answers.
The authorities are on vacation; the local media is cowering in silence.
One part (or many) that I do not understand is why the need to announce a planned deferral now?
In February Dubai raised $10bn in bonds from the UAE central bank as the first half of its $20bn sovereign bond programme in an effective bail-out from the oil-rich capital. The on Wednesday, Dubai raised $5bn of the second $10bn tranche from National Bank of Abu Dhabi and Al Hilal Bank, two institutions with strong Abu Dhabi government holdings.
Separately Dubai's department of finance managed to raise almost $2bn in Islamic bonds last month in a move that had also shored up confidence.
So with US$ 17bn raised - why is there an issue about repaying Nakeel's US$3.5 bn sukuk in December.
Where did the money go ?